Court weighs postponing Citgo auction bid hearing to September By Reuters

(Reuters) – A U.S. court has been asked to postpone to September 19 a hearing to present the high bid in an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a motion filed with the court on Friday.

The court officer evaluating bids in an Delaware court auction of shares in a parent of the seventh largest U.S. oil refiner requested the two-month delay to complete his evaluation and finish negotiating with bidders, the motion said. It has to be accepted by the judge to go into effect.

The auction, an unprecedented sale expected to lead to an ownership change of Venezuela’s foreign crown jewel, is the culmination of a seven-year court battle seeking to satisfy $21.3 billion in claims against the South American country.

The court had planned to finish the sale process, which has included two bidding rounds, on July 15, days before Venezuela’s presidential election on July 28, which Washington sees as a possible exit to the South American country’s long-standing political crisis.